Critical thinking questions | Economics homework help

Given that you are interviewing for a job with the Connect Company, the interviewer asks you the following questions:  what are the two key factors that determine the strength of demand?  How would you determine whether a good is in high demand or low demand?

 

How does demand for resources relate to my definition of microeconomics found on the circular flow chart?

 

Regarding wage determination, how would this affect comparative advantage or absolute advantage regarding the circular flow?

 

In a job interview, the controller asks you to explain the long-run relationship between real hourly earnings and productivity.  What would be your reply?

 

As a business consultant, how would you explain to your client what determines the economic rent for land?  Using economics terms, concepts and/or methods, explain from a supply and demand perspective.

 

Regarding one of the EXGA criterion, the four characteristics of a firm, how does this criterion reflect on rent, interest and profits of a firm?  Use economic terms, concepts and/or methods in your explanation.

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